Liquidity For U.S. REITs Has Improved, But A Firm Recovery In Fundamentals Remains Elusive Sep 10

Standard & Poors, September 2010

Abstract
In the fall of 2008, Standard & Poor's Ratings Services took a closer look at its rated U.S. real estate investment trusts (REITs) and real estate operating companies (REOCs) to see how their balance sheets were positioned to withstand the downturn that began late in 2007 (see "The Recession May Bring More Negative Rating Actions To U.S. REITs And Real Estate Operating Companies," published Nov. 7, 2008). At that time, we expected REIT revenues to fall and expenses to climb (even if companies trimmed overhead), putting pressure on operating cash flows-which, coupled with higher anticipated capital costs, would erode funds from operations and drive REITs to cut their dividends. We expected the prudent REITs to hold back on development, and...

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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Public Storage,Federal Realty Investment Trust,HCP Inc.,BRE Properties Inc.,Weingarten Realty Investors,UDR Inc.,Plaza Las Americas Inc.,Nationwide Health Properties Inc.,CommonWealth REIT,Omega Healthcare Investors Inc.,Health Care REIT Inc.,Kimco Realty Corp.,Regency Centers Corp.,Tanger Factory Outlet Centers Inc.,Vornado Realty Trust,AvalonBay Communities Inc.,Equity Residential,DDR Corp.,Duke Realty Corp.,Associated Estates Realty Corp.,ProLogis,Equity One Inc.,Camden Property Trust,Brixmor LLC,Washington Real Estate Investment Trust,Colonial Properties Trust,Simon Property Group Inc.,Post Properties Inc.,Highwoods Properties Inc.,Realty Income Corp.,Apartment Investment and Management Co.,First Industrial Realty Trust Inc.,Liberty Property Trust,Glimcher Realty Trust,Hospitality Properties Trust,National Retail Properties Inc.,ProLogis Inc.,Essex Property Trust Inc.,Sovran Self Storage Inc.,Mack-Cali Realty Corp.,PS Business Parks Inc. ,Prime Property Fund LLC,Healthcare Realty Trust,RioCan Real Estate Investment Trust,Senior Housing Properties Trust,Ventas Inc.,Morguard Real Estate Investment Trust,Brookfield Office Properties Inc.,Capital Automotive L.P.,Boston Properties Inc.,Brandywine Realty Trust Inc,Spirit Realty Capital Inc.,SL Green Realty Corp.,Piedmont Office Realty Trust Inc.,Medical Properties Trust Inc.,Digital Realty Trust Inc.,DuPont Fabros Technology Inc.,Wells Real Estate Investment Trust II Inc,BioMed Realty Trust Inc.,Kilroy Realty Corp.,Entertainment Properties Trust,Government Properties Income Trust

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